stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economic Systems Flashcards | StudBud
Explore
/
Economic Systems
Economic Systems
14 terms
·
StudBud Administration
·
139 plays
Economic Systems
Flashcards
14 cards
F
Practice quiz
P
Host live
L
Questions
14
Answers
1
Because of its climate and soils, Columbia grows coffee beans. This is an example of...
Columbias physical geography determines its econ activity
Major urban centers along a river
Natural resources are more important than climate
2
What major economic question(s) should every country answer?
What should we produce?
All of the Above
How should we produce it?
Who will get the goods that we produce?
3
Who makes all of the economic decisions in a command economic system?
Business Leaders
Farmers
Consumers
Government Officials
4
The interaction of supply and demand, Profit Incentive, and Entrepreneurs are...
characteristics of a market or mixed economy
Types of economic systems
A socialist economic system
cottage industry
5
This is a NEGATIVE impact of the modern tractor
increased use of nonrenewable resources
Overpopulation of horses
inefficient new farming methods
High labor maintenance costs
6
The form of government in which the power is entrusted to the hands of a king and queen
Oligarchy
Monarchy
Democracy
Dictatorship
7
Beijing has lots of pollution because of all of the following EXCEPT-
Politics
Religion
Industry
Population
8
Native groups, tribes, and clans would most likely be categorized as what type of economy?
Communist Economy
Traditional Economy
Free enterprise
Market Economy
9
Subsistence Farming =
Farmers raise just enough crops for their family
The government decides which crops will be grown
10
Russia, Cuba, North Korea and Vietnam are all examples of which type of economy?
Socialism
Market Economy
Mixed Economy
Command Economy
11
In which economic system would you expect wide selection of consumer goods?
Market/Mixed
Communist
Traditional
Socialist
12
In a traditional economy...
Tradition and customs greatly influence economic decisions
Supply and demand regulate prices
Government directs and controls the means of production
Large businesses are motivated by profit
13
What forces play the greatest role in the distribution of goods and services in a mixed economy
village elders and community leaders
Producer supply and consumer demand
government officials and the military
court rulings and expert opinions
14
This is a central characteristic of a free market economy
The government bans all labor unions
Businesses are driven by the desire for profit
Government owns means of production
All wage earners paid the same
